Telluride Foundation asks Ridgway for $100,000 to support regional down‑payment assistance pilot

Elaine Demas, vice president of operations at the Telluride Foundation, asked the Ridgway Town Council to consider a $100,000 contribution to a two‑year pilot that provides shared‑equity home‑purchase loans to regional workforce members.

Demas said the foundation has offered forgivable loans of up to $5,000 since 2019 and has helped about 200 people across the region. In April the foundation launched a new pilot after 18 months of research and raising $1.3 million. That pilot offers zero‑percent shared‑equity loans of up to 20% of a home’s purchase price; when an owner sells or refinances, the foundation is repaid the full principal plus 10% of the home’s appreciation. Demas said applicants must have lived in the region for at least one year and that program caps are set at $50,000 for Ouray County and $100,000 for San Miguel County. She told the council the foundation has made three loans through the pilot since April and requested the town limit any contribution to use only within Ridgway.

Why it matters: local governments that contribute to down‑payment assistance programs can make homeownership more attainable for local workers in communities where housing costs outpace wages, but contributions reduce available municipal discretionary funds and typically must be weighed against other budget priorities.

Councilors and members of the public asked questions about eligibility, oversight and geographic limits. The mayor noted the request will be discussed during the town’s budget meetings in the coming months. The presentation included a short marketing video the chamber plans to display at the Montrose Airport.

The council did not take immediate action; the foundation’s request will be part of the 2026 budget deliberations.